Lehman rushes out earnings; posts $3.9B loss

After watching its stock drop 45% Tuesday, Lehman Brothers Inc. rushed out its third-quarter earning report Wednesday in hopes of stopping the bleeding. The beleaguered investment banks posted an estimate net loss of $3.9 billion, or $5.92 per share.

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The bank took write-downs of $7.8 billion, including $5.3 billion on residential mortgage-related positions and $1.7 billion on commercial real estate.

Among the "key strategic initiatives" that the investment bank announced were plans to sell its asset management unit -- including crown jewel Neuberger Berman LLC -- to a private equity firm and the spinoff of mortgage-related assets into a separate company. - George White

See Lehman press release
See story on Lehman's options on TheDeal.com

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